Who is Vishal Garg? Better.com CEO lays off employees in viral Zoom call

Better.com CEO Vishal Garg has announced that 900 employees of the company have been terminated during a Zoom meeting that has since gone viral on social media.

CEO and founder of the mortgage start-up informed his employees about the decision via a Zoom video call last week which has made rounds on TikTok and other platforms.

So, who is Vishal Garg?

This content could not be loaded

https://t.co/bmtdxpWtto CEO Vishal Garg announced the mortgage company is laying off about 9% of its workforce on a Zoom webinar, abruptly informing the more than 900 employees on the call they were being terminated just before the holidays. https://t.co/3MfOSkR6XH

— CNN (@CNN) December 5, 2021

Better.com CEO lays off employees in Zoom call

On Wednesday (December 1st), Vishal Garg, CEO and founder of the digital mortgage firm Better.com, told 900 employees via a Zoom call that they have lost their jobs.

“I come to you with not great news,” Garg told employees during the Zoom meeting. “The market has changed, as you know, and we have to move with it in order to survive.”

Garg continued: “If you’re on this call, you are part of the unlucky group that is being laid off. Your employment here is terminated effective immediately.”

During the call, Garg said the Better.com was laying off 15% of its staff, however, the lay-offs add up to 9% of the firm’s workforce, a spokesperson told SFGATE.

The mortgage start-up has offices in San Francisco and Charlotte and employs people based in New York City, Texas and India.

HITC has reached out to Vishal for a comment.

• READ: Who is Jay Jay Phillips and what happened to him?

Who is Vishal Garg?

Vishal Garg founded Better.com in January 2014 and has served as CEO of the company since this date.

According to his LinkedIn page, he graduated with a BS degree in Finance and International Business from New York University.

At the age of 21, he left his job as an analyst to start a private student lending company which was later acquired by another firm, as per his profile.

In addition to his role at Better.com, Garg has served as founding partner of the investment holding company One Zero Capital.

Garg’s current net and salary are unknown but according to The Daily Beast, he reportedly received a bonus of $25 million in 2020.

• KNOW MORE: How much is Chanel’s advent calendar 2021?

Company addresses lay-offs

In a statement to CNN Business, Better.com CFO Kevin Ryan has addressed the lay-offs and told the publication:

“Having to conduct layoffs is gut wrenching, especially this time of year, however a fortress balance sheet and a reduced and focused workforce together set us up to play offense going into a radically evolving homeownership market.”

As reported by the outlet, Better.com received a $750 million cash infusion and the company is currently valued at about $7 billion.

Reacher | Official Trailer

BridTV

7009

Reacher | Official Trailer

https://i.ytimg.com/vi/GSycMV-_Csw/hqdefault.jpg

912990

912990

center

13872

In other news, Lewis Hamilton's net worth explored amid Saudi Arabia F1 GP win